It has now come time to finalize our Marketing Plan. To do this we will use the Marketing 4 P’s which have been used for years to create a basic template for your marketing plan. This outline lays out the fundamentals for your Product, Price, Placement, and Promotion.This is important as it will show you elements of your plan that you need to work on. It also lays out a check list of things you need to have ready before you start selling.
We are not in month three of this project after some major holdups (that could have been avoided). We are moving into our launch phase which means its time to get our product ready. So even though we are drop shipping we decided to order one of everything we plan on selling in order to touch and feel our product. Having real first hand knowledge of your product goes a long ways in helping you sell it.
Take a look at what we came up with for our 4 P’s Marketing Plan
Product Decisions
Product Offering
- We have cut down our initial product offering to focus on items with the highest possible margins
- We have bundled our best selling products into 3 packs to maximize return per sale
Branding
- Purchased the domain www.bathbombs.org
Packaging
- Will use packaging to build brand awareness
- We still need to develop proper packaging to ensure safe delivery
Warranty Repairs and Support
- Do to the nature of our product returns will not be allowed
- To offer top customer service problems will be handled on a case by case basis for refunds
Price
Pricing Strategy
- We will use penetration as our pricing strategy
- We will benchmark sellers on Amazon.com to find the lowest price needed to penetrate market
- We have examined our product offering to find profitable products to sell
- We will sell at a retail price from our site while discounting on Amazon and eBay
- We will create a wholesale distribution channel for volume buyers
Place
Distribution Channels
- bathbombs.org
- amazon.com
- ebay.com
- Wholesale to Stores
Inventory Management & Warehousing & Order Processing
- We will use Indaba Sales Software
- We will start using our current warehouse space
- We will use current shipping department system with IBS
Promotion
- Using Amazon.com & eBay.com we will create brand awareness by offering discounted rates in relation to our competition
- While using Amazon.com & eBay.com to developer cash flow for the business we will also start SEO for bathbombs.org to achieve organic placements for future sales
